Stratasys Ltd. announced its financial results for the third quarter ended September 30, 2024, on November 13, 2024. The company reported consolidated revenue of $140.0 million, a 13.6% decrease compared to $162.1 million in the third quarter of 2023.
Despite the revenue decline, Stratasys achieved a non-GAAP gross margin of 49.6%, an increase from 48.3% in the prior year period. The company returned to non-GAAP profitability, reporting a non-GAAP operating income of -$0.1 million and non-GAAP net income of $0.4 million, or $0.01 per diluted share.
Stratasys maintained its revenue outlook for the full year 2024 but raised its margins and profitability outlook, reflecting the effective execution of its cost optimization plan. The restructuring plan is ahead of schedule and is expected to deliver $40 million in annual cost savings starting in the first quarter of 2025, positioning the company for increased profitability and cash flow in 2025.
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